Tag: irs

The taxation of Bitcoin capital gains in the US has always been a controversial topic. For a lot of people, it is still rather cumbersome to do so. It is not surprising to see few people effectively report this income to the IRS right now. Less than 100...

At the Yahoo Finance All-Markets Summit on February 7th, a U.S. CFTC regulator encouraged the digital currency industry to start formally regulating itself. Brian Quintenz, a commissioner with the Commodity Futures Trading Commission (CFTC), said that the crypto industry should form what’s known as a self-regulatory organization, or...

This week, Colorado House Representative Jared Polis sent a letter to the U.S. House Committee on Ethics (HCE) asking the organization to put forth statutes that require government employees to declare their Bitcoin and other digital currency holdings: “A Member or covered employee should report any virtual currency...

The price of buying Bitcoin just went up! If you use your credit cards to buy cryptocurrency on Coinbase (or any other exchange) expect to pay at least 10% more in fees. Using credit cards to buy cryptocurrency is over Both Mastercard and Visa have decided in the...

At the World Economic Forum in Davos, Canadian Finance Minister Bill Morneau said his country isn’t planning on making changes to existing tax code to deal with cryptocurrencies. Rather, the main focus will continue to be on “making sure that we understand what’s going on underneath that market,...

As we know, blockchain technology is premised on anonymity. Transactions are public, but linked only to an electronic address. Anonymity, though, is the main fuel for underground economies, whose transactions are currently conducted primarily through cash. If cryptocurrencies were to replace cash as the preferred medium of exchange,...

Those Bitcoin investors in the US who think they’re outsmarting the IRS by trading funds to other digital currencies rather than back to dollars could be in for a nasty surprise. Under GOP tax bill that is due to be voted upon next week, law makers will draw...

One of the world’s largest crypto exchanges, Coinbase, has been struggling to meet the demand of the flurry of activity on its servers as Bitcoin breaks more price barriers. In the last 24 hours, the daddy of all coins broke $11,000 and transactions were at their highest levels....

A lot of people buy and sell Bitcoin on platforms such as LocalBitcoins. That is only normal, as it is a convenient marketplace. However, this also means anyone getting arrested could be trialed for running an illegal currency exchange. That is what happened to Jason R. Klein. He...

In the later part of 2016, the United States Internal Revenue Service decided to go fishing for tax evaders among the cryptocurrency community by issuing a John Doe summons to Coinbase, a leading cryptocurrency wallet, and exchange service. The summons, due to its overreaching demands was countered by...

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